Essar Group is embarking on a significant green energy initiative with a planned investment of ₹30,000 crore over the next four years to establish a green hydrogen plant in Jamnagar, Gujarat.
Prashant Ruia, director of Essar Capital, highlighted the conglomerate’s broader sustainability ambitions, including the decarbonization of its UK-based Stanlow refinery with a $3.6 billion investment.
Additionally, Essar aims to invest $4 billion in setting up a green steel plant in Saudi Arabia, underscoring its commitment to reducing carbon footprints across its global operations.
Essar Future Energy, a subsidiary, plans to develop a robust infrastructure capable of generating 1 gigawatt of hydrogen annually, alongside producing 1 million tonnes of associated green molecules. This ambitious project will leverage 4.5 gigawatts of renewable energy from Essar Renewables to electrolyze water and produce hydrogen sustainably.
The conglomerate’s strategy also includes expanding its electricity generation capacity, targeting 10,000 megawatts over the next 3-5 years. This expansion plan integrates coal-based power generation with a growing renewable energy platform, reinforcing Essar’s dual approach to energy sustainability.
Moreover, Essar is actively promoting green mobility solutions, particularly in the long-haul trucking sector, by developing LNG and electric ecosystems. This initiative aims to significantly reduce CO2 emissions from trucks, with LNG-powered vehicles offering a substantial reduction in pollutants compared to diesel engines.
With investments earmarked for expanding gas production and exploring shale gas potential, Essar aims to diversify its energy portfolio while contributing to India’s gas supply.
Overall, Essar Group’s ambitious investments in green hydrogen, renewable energy, and sustainable technologies underscore its commitment to environmental stewardship and positioning itself at the forefront of the global energy transition. These initiatives not only align with global climate goals but also reinforce Essar’s role as a leader in sustainable industrial practices.